Paychex, Inc. (NASDAQ:PAYX) Shares Acquired by Sonora Investment Management Group LLC

Sonora Investment Management Group LLC increased its holdings in Paychex, Inc. (NASDAQ:PAYX) by 2.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 92,866 shares of the business services provider’s stock after buying an additional 2,320 shares during the period. Sonora Investment Management Group LLC’s holdings in Paychex were worth $13,022,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of PAYX. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Paychex by 1.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 44,333 shares of the business services provider’s stock valued at $5,256,000 after purchasing an additional 674 shares during the period. Quarry LP grew its position in Paychex by 152.6% in the 2nd quarter. Quarry LP now owns 293 shares of the business services provider’s stock valued at $35,000 after buying an additional 177 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in Paychex in the 2nd quarter valued at $10,038,000. Healthcare of Ontario Pension Plan Trust Fund raised its position in Paychex by 30.0% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 143,047 shares of the business services provider’s stock worth $16,960,000 after buying an additional 33,047 shares during the last quarter. Finally, Central Pacific Bank Trust Division lifted its stake in shares of Paychex by 0.6% in the 3rd quarter. Central Pacific Bank Trust Division now owns 18,277 shares of the business services provider’s stock worth $2,453,000 after acquiring an additional 103 shares during the period. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Paychex Trading Up 0.8 %

Shares of PAYX opened at $148.05 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.39 and a quick ratio of 1.39. Paychex, Inc. has a 1-year low of $114.72 and a 1-year high of $150.71. The firm has a 50 day simple moving average of $142.55 and a 200-day simple moving average of $136.93. The stock has a market cap of $53.31 billion, a price-to-earnings ratio of 31.17, a price-to-earnings-growth ratio of 4.01 and a beta of 1.00.

Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Thursday, December 19th. The business services provider reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.02. The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Paychex had a net margin of 32.02% and a return on equity of 45.28%. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period last year, the company earned $1.08 EPS. Equities analysts forecast that Paychex, Inc. will post 4.99 EPS for the current fiscal year.

Paychex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 27th. Shareholders of record on Friday, February 7th will be paid a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date is Friday, February 7th. Paychex’s dividend payout ratio is presently 82.53%.

Analysts Set New Price Targets

PAYX has been the subject of a number of recent analyst reports. Royal Bank of Canada restated a “sector perform” rating and issued a $148.00 price objective on shares of Paychex in a research report on Friday, December 20th. JPMorgan Chase & Co. upped their price objective on Paychex from $133.00 to $139.00 and gave the stock an “underweight” rating in a report on Tuesday, November 19th. Finally, Barclays raised their target price on Paychex from $135.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, December 23rd. Two research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $132.23.

About Paychex

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.